Loanfactz Dictionary, Glossary of Legal Terms, Loan Terms, Definitions

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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

Office of Thrift Supervision (OTS)
The office within the Department of Treasury that charters and regulates federal savings and loan associations, as well as controlling the system of Federal Home Loan Banks. Formerly called the Federal Home Loan Bank Board.

Open End Credit
A line of credit that may be used repeatedly, including home equity lines, credit cards and overdraft credit accounts.

Open House
When the seller's real estate agent opens the seller's house to the public. You do not need a real estate agent to attend an open house.

Opt Out
You have the right to choose to receive or stop receiving unsolicited product or service offers. Most people call this junk mail or mailbox clutter. Opt out is choosing not to receive unsolicited offers. More about Opt Out choices.

Origination Fees
Loan origination fees are fees charged by the lender for processing your loan and are often expressed as a percentage of the loan amount.

Outstanding Balance
The total amount you currently owe on a loan, credit card, or any other debt.

Overages
Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation.

SCAMS & FRAUD
Some Scams, Fraud, and Consumer Abuse Items in the News

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